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MOBI724 Announces Decision By Lender to Convert $320,000 of Convertible Debt Into Shares and a Director to Exercise 1M Warrants
Mar. 29, 2018 09:08AM PST
Fintech InvestingMOBI724 Global Solutions (TSXV:MOS) has announced the holder of $320,000 of convertible debt issued October 6, 2016 has chosen to convert the final tranche of the debenture in addition to $25,600 in interest accrued. As quoted in the press release: The Debenture including the interest will be converted into a total of 2,304,000 shares of …
MOBI724 Global Solutions (TSXV:MOS) has announced the holder of $320,000 of convertible debt issued October 6, 2016 has chosen to convert the final tranche of the debenture in addition to $25,600 in interest accrued.
As quoted in the press release:
The Debenture including the interest will be converted into a total of 2,304,000 shares of MOBI724 at an exercise price of $0.15 per share which was contractually agreed upon on October 6, 2016.
MOBI724 also reports that pursuant to the Company’s announced Early Exercise Warrant Incentive Program (Press Released on March 19, 2018) a Director of MOBI724 will exercise 1,000,000 warrants for proceeds of $150,000 to the Company.
Marcel Vienneau, CEO of MOBI724, said, “These investment actions, taken by a key debt holder to become a shareholder and by an insider to increase his stake in the Company, demonstrate continued confidence in MOBI724’s progress and future growth. Our plans remain on track and we anticipate that the pace of news will accelerate.”